CHICAGO, Nov. 17, 2014 /PRNewswire/ -- College Illinois!®, the state's only prepaid tuition program providing substantial savings for Illinoisans seeking to offset tuition increases due to inflation, is set to launch its 2014-2015 open enrollment period on Tuesday, November 18th.
The open enrollment period, which runs through April 30, 2015, is expected to be bolstered this year by a recently announced initiative that offers reduced plan pricing providing greater savings based on the age of the child, or children, at the time of purchase. The younger the child, the greater the savings on the purchase of a prepaid tuition plan, program officials say.
"We've responded in meaningful ways to consumers who continue to express real concerns about the rising cost of higher education and the financial uncertainty and burdens it presents to parents, families and, of course, students," said Sandra Houston, director of College Illinois!.
While the greatest cost savings are realized the younger a child is at the time of contract purchase, Houston added that all plan options provide savings over last year's prices and a hedge against tuition increases, despite the age of the child.
Additionally, some current contract holders may be eligible for a price adjustment based on the newly announced price reductions. More information is available on the program's website.
More than 10,000 current college students, and over 28,000 students since the plan's inception in 1998, have relied on College Illinois! to save on the cost of tuition at state and private universities, as well as community colleges in Illinois and out-of-state schools.
Kent Mercado, M.D., says he's pleased with his family's decision to rely on the program to offset the expense of providing quality college education for his three children.
"My siblings have also purchased 529 pre-paid tuition plans for their kids," Mercado said. "We have two that are currently in college; one is a freshman at an out-of-state university and the other a sophomore at a private university in Illinois. We feel we made a smart choice and are happy they won't be burdened with outrageous student loans once they graduate."
Houston went on to say that the right time to buy is now. "We're really proud of what we've been able to accomplish in terms of increasing the number of options available to parents, and even grandparents, at just about every economic level. We know that it's a major consideration for families, especially in these still difficult economic times."
"The important question is can people afford not to plan for college costs and realize real savings by making a smart investment in their child's future now," Houston said. "We think it's a winning proposition, and over 28,000 Illinois residents and families that have already benefited from our pre-paid tuition plans can confirm that."
For more information, or to review existing plan details and cost options, visit www.collegeillinois.org.
About College Illinois!
Since its inception in 1998, College Illinois! has been focused on providing an affordable option to help make college a reality for Illinois families. Administered by the Illinois Student Assistance Commission, the state's 529 prepaid tuition program offers a unique set of benefits, including tuition inflation protection, flexibility, and significant tax benefits. Program assets, which are held in the Illinois Prepaid Tuition Trust Fund and kept separate from other state public money or funds, are professionally managed by an experienced team led by a Chief Investment Officer and established third party asset managers. More information on plan options and benefits, as well as a complete description of terms and conditions of, and risks associated with the purchase of a contract, is available at www.collegeillinois.org.
SOURCE College Illinois!